Mercedes-Benz Earnings: Results Dented by Mix, Cost, and Supply Chain Disruption

Mercedes-Benz reported third-quarter earnings per share of EUR 3.44, EUR 0.23 better than the EUR 3.21 FactSet consensus but down EUR 0.22 from EUR 3.66 last year. Supply chain disruption (chips, logistics) kept consolidated volume relatively flat, up only 0.2% to 454,000 units from 453,000. Group revenue slipped 1% to EUR 37.2 billion, from EUR 37.7 billion a year ago, but was just a hair above consensus by EUR 23 million. Generally, pricing was favorable except for battery electric vehicle where competition has intensified. Mix was slightly unfavorable, as top-end product volume declined slightly more than core and entry.